A recently acquired deal obtained by the company, Capitol Square, is bringing increased growth into eastern Goochland County by the handful. Literally.
The project is an apartment complex called 2000 West Creek that features 176 one-bedroom units and 197 two-bedroom units, of which 90 percent are occupied. An additional 10 percent in occupancy is expected to fill the complex to capacity.
Capital Square obtained over half of their financing for 2000 West Creek through a seven-year loan while seeking $48,000,000 from over 1,000 investors who will own shares in both the property and the profits.
Louis Rogers, CEO of Capital Square, maintains that the location of West Creek and its close proximity to Short Pump will bring in attractive rent amounts.
(Photo of 2000 West Creek by New Media Systems, Inc)
Rogers added, “The forecast for rental growth in that area is very high, and we suspect that it’s only going to increase as demand for high-quality apartment units increase in the area,”. “There’s 3.4 percent projected rent growth over the next five years, and a strong employment base that’s expected to be in place.”
This is one of several new projects that will expand growth into Goochland County. The increase will be seen in school attendance numbers and traffic patterns. 2000 West Creek boasts a 373-unit complex in total that sold for $103 million dollars.
With the addition of the proposed Manakin Towne project that aims to build an apartment complex of its own, if approved for the mixed-use permit they are seeking, Goochland is in for some drastic changes in the eastern part of the county.